In derivatives, the ECB is responsible for the administration and oversight of the euro benchmark rate €STR, which it publishes at 08:00 CET on each business day. The rate is based on statistical data on money market transactions reported by euro area banks1.

The ECB forms the Eurosystem together with the central banks of the countries that have adopted the euro2. The Eurosystem's real-time gross settlement system is T2, which began operating in March 2023, replacing its predecessor TARGET23. Banks in the euro area are supervised under the Single Supervisory Mechanism, which comprises the ECB and the national supervisory authorities of the participating countries4.

Notes

  1. European Central Bank, overview of the euro short-term rate (€STR) (checked on October 13, 2026), the ECB's publication at 08:00 CET each business day, the underlying data, and the ECB's responsibility for the administration and oversight of the €STR. ↩

  2. European Central Bank, "The European System of Central Banks" (checked on October 13, 2026), the Eurosystem as the ECB and the central banks of the countries that have adopted the euro, and the establishment of the ECB on June 1, 1998. ↩

  3. European Central Bank, "T2" (checked on October 13, 2026), T2 as the Eurosystem's real-time gross settlement system and its launch in March 2023 in place of TARGET2. ↩

  4. European Central Bank, "The Single Supervisory Mechanism" (checked on October 13, 2026), the Single Supervisory Mechanism as comprising the ECB and the national supervisory authorities of the participating countries. ↩